Enough has been written about the current economic situation in the United States. The reaction of business owners is across the board - some are mad, others want to know, "Where is my bailout?" Yet, many others see the opportunity that is ahead of them. I believe that as business owners we are “all in,” so my question for 2009 is, “What should I be doing, NOW?”
I believe there are five basic areas to focus on first.
- Examine your Mindset- Do you believe in your ability to survive and be successful? Are you prepared and open to the new opportunities that exist? This is a time to invest wisely - but first on yourself and your mindset!
- Back to Class- The best investment you can now make is to increase your knowledge: read, attend a class or seminar, gain new knowledge, learn new skills, and even get a coach! And don’t forget your team - is there any training that will improve their performance - customer service skills, sales, communication and team building? These are critical areas to examine.
- Know your Numbers- Numbers are the language of business; know your key indicators and what drives the indicators. It is not enough to have your bookkeeper run the monthly balance sheet; you need to know the numbers. To know your results and the meaning, you will need to test and measure the key indicators of your business.
- Market, Market and Market some more- This is not the time to trim your marketing budget; you should have solid data that allows to pin-point the marketing that targets the best results. You cannot afford to “spray and pay.” You have to know what works and what does not work; you need to measure the results of all marketing campaigns and repeat the successful ones. Do not highlight discounts or reduced prices. Showcase value and unique product/service offerings. Take advantage of low-cost as well as "no cost" marketing techniques.
- Protect your Home Turf- These are your current clients/customers. You should be building a loyalty fence around this group, and you should give them no reason to even think about competitors. Everyone in your company has to know the value of each client and treat them as if they are the most important part of your business - if you don’t know how they feel about you and your business, simply ask and listen.
We have many choices with the directions we take our businesses in, and the choice is always ours. Some say it will get worse before the economy rebounds, but my question is, "Will you be prepared?" How are you going to come out a winner when the economy rebounds? And if you are “all in,” can you afford to not do things differently than before?
The choice is all yours; what will you do first? What will you change?
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